Annual report 2009
Annual report 2009Éves jelentés 2009Annual report 2009
Annual report
 

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AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED PROFIT AND LOSS ACCOUNT 31 December 2009
in HUF million
Description

Previous year (total)

Current year (total)
Non-life insurance business

a

b
01. Earned premiums, net of reinsurance 37.678 38.774

a) gross premiums written

 40.053 41.831

b) outward reinsurance premiums (-)

 2.251 2.925

c) change in the gross provision for unearned premiums (+/-)

 123 134

d) change in the provision for unearned premiums, reinsurers’ share (+/-)

 1 -2
02. Profit from investments to be returned to policyholders (same
as C/06.)		 0 0
03. Other technical income 62 238
04. Claims incurred 17.766 17.745

a) claims paid and claim settlement expenses

 17.286 18.144

aa) claim payments

 15.750 16.532
1. gross amount 15.823 16.549
2. reinsurers’ share (-) 73 18

ab) claim settlement expenses

 2.006 1.887

ac) income from claim recovery and claim settlement expense
reimbursement (-)

 470 274

b) changes in the provision for claims outstanding (+/-)

 480 -399

ba) case by case

 957 -211
1. gross amount 859 -7
2. reinsurers’ share (-) -98 203

bb) IBNR

 -477 -188
1. gross amount -475 -183
2. reinsurers’ share (-) 2 5
05. Changes in actuarial provisions (+/-) -488 588

a) changes in the health insurance premium provision (+/-)

0 0

aa) gross amount

0 0

ab) reinsurers’ share (-)

0 0

b) changes in the accident insurance annuity provision (+/-)

4 6

ba) gross amount

4 6

bb) reinsurers’ share (-)

0 0

c) changes in the liability insurance annuity provisions (+/-)

-492 582

ca) gross amount

-662 1.229

cb) reinsurers’ share (-)

-170 647
06. Changes in the profit-dependent and profit-independent premium reimbursement provisions (+/-) 7 -41

a) profit-dependent

 0 -45

aa) gross amount

0 -45

ab) reinsurers’ share (-)

0 0

b) profit-independent

 7 3

ba) gross amount

7 3

bb) reinsurers’ share (-)

0 0
07. Changes in the equalisation provision (+/-) 0 0
08. Changes in other technical provisions (+/-) 59 54
a) large claim provisions (+/-) 0 0
b) cancellation provisions (+/-) 59 54
ba) gross amount 59 53
bb) reinsurers’ share (-) 0 0
c) changes in other technical provisions (+/-) 0 0
ca) gross amount 0 0
cb) reinsurers’ share (-) 0 0
09. Net operating expenses 12.784 12.359
a) acquisition costs incurred in the financial year 8.228 8.071
b) change in deferred acquisition costs (+/-) -39 -10
c) administrative expenses (except investment costs) 4.596 4.299
d) reinsurance commissions and profit participation (-) 1 1
10. Other technical charges 936 908
A) INSURANCE TECHNICAL PROFIT
(01+02+03-04-05-06-07-08-09-10) 		6.676 7.401
Life assurance business

a

b
01. Earned premiums, net of reinsurance 46.760 41.793
a) gross premiums written 47.022 42.060
b) outward reinsurance premiums (-) 261 268
c) change in the provision for unearned premiums (+/-) -9 -16
d) change in the provision for unearned premiums, Reinsurers’ share(+/-) 10 14
02. Technical income from investments 8.635 8.653
a) income from participating interests 502 402
of which: derived from affiliated undertakings 0 0
b) income from other investments 10.690 9.028
of which: derived from affiliated undertakings 0 0
ba) income from tangible assets related to the insurance portfolio, 0 0
bb) interest received and interest type income 10.690 9.028
c) gains on the realisation of investments, other investment income -2.557 -778
d) allocated investment return transferred from life assurance (same as C/05.) (-) 0 0
03. Unrealised gains on investments 11.451 30.567
of which valuation difference 0 0
04. Other technical income 71 156
05. Claims incurred 34.934 40.674
a) claims paid and claim settlement expenses 34.556 40.508
aa) claims paid 34.235 40.118
1. gross amount 34.414 40.304
2. reinsurers’ share (-) 179 186
ab) claim settlement expenses 347 411
ac) income from claim recoveries and claim settlement expense reimbursement (-) 26 21
b) change in the provisions for claims outstanding (+/-) (case-bycase, IBNR) 378 167
ba) case by case 428 197
1. gross amount 390 248
2. reinsurers’ share (-) -38 51
bb) IBNR -50 -30
1. gross amount -50 -30
2. reinsurers’ share (-) 0 0
06. Change in actuarial provisions (+/-) -11.143 -12.339
a) change in the life assurance premium provision (+/-) -11.143 -12.339
aa) gross amount -11.143 -12.339
ab) reinsurers’ share (risk insurance) (-) 0 0
b) changes in the health insurance premium provision (+/-) 0 0
ba) gross amount 0 0
bb) reinsurers’ share (-) 0 0
c) changes in the accident insurance annuity provision (+/-) 0 0
ca) gross amount 0 0
cb) reinsurers’ share (-) 0 0
07. Changes in the profit-dependent and profit-independent premium reimbursement provisions (+/-) 0 0
a) profit-dependent 0 0
aa) gross amount 0 0
ab) reinsurers’ share (-) 0 0
b) profit-independent 0 0
ba) gross amount 0 0
bb) reinsurers’ share (-) 0 0
08. Changes in the equalisation provision (+/-) 0 0
09. Changes in other technical provisions (+/-) -1.637 -786
a) large claim provisions (+/-) 0 0
b) cancellation provisions (+/-) 38 -1
ba) gross amount 38 -1
bb) reinsurers’ share (-) 0 0
c) changes in other technical provisions (+/-) -1.675 -785
ca) gross amount -1.675 -785
cb) reinsurers’ share (-) 0 0
10. Change in UL technical provisions -2.289 15.131
a) gross amount -2.289 15.131
b) reinsurers’ share (-) 0 0
11. Net operating expenses 8.234 7.693
a) acquisition costs incurred in the financial year 4.928 4.218
b) change in deferred acquisition costs (+/-) 233 420
c) administrative expenses (except investment costs) 3.075 3.057
d) reinsurance commissions and profit participation (-) 2 1
12. Technical expenditure arising from investments 1.618 2.348
a) operating and maintenance charges on investments, including interests paid and interest type expenditure 25 28
b) value adjustment on investments, value re-adjustments on
investments (+/-)		 265 0
c) losses on the realisation of investments, other investment
expenditure		 1.328 2.321
13. Unrealised losses on investments 25.842 16.651
of witch: valuation difference 0 0
14. Other technical charges 1.399 1.713
B) INSURANCE TECHNICAL PROFIT
(01+02+03+04-05-06-07-08-09-10-11-12-13-14) 		9.959 10.083
C) Non-technical accounts 6.348 9.732
01/A. Dividends and profit sharing received from associated undertaking 0 0
01/B. Dividends and profit sharing received from undertaking in
other sharing relation		 80 50
02. Interest received and interest type incomes 6.543 10.954
of which: derived from affiliated undertakings 0 0
03. Income from tangible assets related to the insurance portfolio 191 212
04. Gains on the realisation of investments, other investment
income		 1.676 3.010
05. Allocated investment return transferred from life assurance
(same as B/02/d))		 0 0
06. Profit from investment to be returned to policyholders (-)
(same as A/02.)		 0 0
07. Operating and maintenance charges on investments, including
interest paid and interest type expenditure		 20 1429
08. Value adjustments and re-adjustments on investments (+/-) 443 -32
09. Losses on the realisation of investments, other investment
expenditure		 2.525 2.152
10. Other income 22.434 12.777
10/A. Consolidation differential resulting from debt consolidation
and increasing the profit		 0 0
11. Other expenditure 21.588 13.722
11/A. Consolidation differential resulting from debt consolidation
and decreasing the profit		 0 0
D) ORDINARY PROFIT FROM OPERATIONS
(+/-A+/-B+01+02+03+04+05-06-07-08-09+10-11)		 22.983 27.216
12. Extraordinary income 7.009 11
13. Extraordinary expenditure 7.057 69
14. Extraordinary profit (12-13) -48 -58
E) PROFIT BEFORE TAXATION (+/-D+/-14) 22.935 27.158
Settlement of profit as per balance sheet 0 0
15. Tax liability 4.440 5.232
15/A. Corporate income tax differential resulting from
consolidation		 0 0
F) NET PROFIT (+/-E-15 +/-15/A) 18.495 21.926
16. Use from the accumulated profit reserve for dividends and
profit sharing		 10.105 8.852
17. Approved dividend or profit sharing 28.600 30.778
G) PROFIT AS PER BALANCE SHEET (+/-F+16-17) 0 0
Budapest, 22 March 2010
    
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 

 

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AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED BALANCE SHEET 31 December 2009
Assets
in HUF million

Description

Previous year

Current year

 

Total

Life

 Non-Life Other,
unallocated		 Total

 

a

b

c

d

e
A. Intangible assets 6.545 569 395 5.149 6.113
B. Investments 251.477 110.162 46.654 87.640 244.456
I. Real estate 2.992 0 2.431 356 2.787
of which: self-occupied real estate 2.992 0 2.431 356 2.787
II. Investments in affiliated undertakings 0 0 0 0 0
1. Equity investments in parent companies and
subsidiaries		 0 0 0 0 0
2. Debt securities issued by, and loans to, parent company and subsidiaries 0 0 0 0 0
3. Equity investments in joint and associated
companies		 0 0 0 0 0
4. Debt securities issued by, and loans to, joint and associated companies 0 0 0 0 0
III. Other investments 248.485 110.162 44.223 87.284 241.669
1. Equity investments in undertakings with which
the insurance undertaking is linked by virtue of a
participating interest		 2.214 1.476 178 201 1.855
2. Debt securities (except II/2. and II/4.) 180.057 105.639 35.561 23.313 164.513
3. Participation in investment pools 0 0 0 0 0
4. Loans guaranteed by mortgages (except II/2. and II/4. and III/5.) 64.439 1.488 8.430 63.403 73.321
5. Other loans (except II/2. and II/4. and III/4.) 1.775 1.559 54 367 1.980
6. Deposits with credit institutions 0 0 0 0 0
7. Other investments 0 0 0 0 0
IV. Deposits with ceding undertakings 0 0 0 0 0
V. Revaluation of investments 0 0 0 0 0
VI. Investment valuation difference 0 0 0 0 0
VII. Capital consolidation related to subsidiaires and associated undertakings 0 0 0 0 0
C. A Investments for the benefit of unit-linked life assurance policyholders 78.458 93.589 0 0 93.589
D. Debtors 7.485 1.261 2.731 4.908 8.900
I. Debtors arising out of direct insurance operations 1.371 668 847 0 1.515
1. Policyholders 869 347 728 0 1075

of which:
a) affiliated undertakings

 0 0 0 0 0

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
2. Claims on insurance intermediaries 502 321 119 0 440

of which:
a) affiliated undertakings

 0 0 0 0 0

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
II. Debtors arising out of reinsurance operations 463 6 280 0 286

of which:
a) affiliated undertakings

 0 0 0 0 0

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
III. Reinsurers’ share of the life assurance premium reserve 0 0 0 0 0
IV. Other debtors 5.651 587 1.604 4.908 7.099

of which:
a) affiliated undertakings

 0 0 0 1.682 1.682

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
V. Corporate income tax receivable arising from
consolidation (computed)		 0 0 0 0 0
VI. Derivates valuation difference 0 0 0 0 0
VII. Corporate income tax receivable arising from
consodilation (computed)		 0 0 0 0 0
E. Other assets 5.242 1259 428 3.904 5.591
1. Tangible assets (other than land and buildings), inventories 828 178 414 220 812
2. Cash at bank and in hand 4.414 1081 14 3.684 4.779
3. Repurchased own shares 0 0 0 0 0
4. Other 0 0 0 0 0
F. Prepayments and accrued income 20.183 10.594 2.240 5.670 18.504
1. Accrued interest and rent 8.664 4.395 1.077 1.080 6.552
2. Deferred acquisition costs 5.727 4.829 487 0 5.316
3. Other prepayments and accrued income 5.792 1.370 676 4.590 6.636
Total assets 369.390 217.434 52.448 107.271 377.153
Budapest, 22 March 2010
    
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 

 

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AEGON Magyarország Általános Biztosító Zrt.

CONSOLIDATED BALANCE SHEET, 31 December 2009
Liabilities and equity
in HUF million
Description

Previous
year

Current year
 

Total

Life

 Non-Life Other,
unallocated		 Total

 

a

b

c

d

e
A. Capital and reserves 52.104 12.911 11.090 20.053 44.054
I. Subscribed capital 6.374 3.633 2.741 0 6.374
of which: repurchased participation at nominal value 0 0 0 0 0
II. Subscribed capital no yet paid up (-) 0 0 0 0 0
III. Capital reserve 5.472 3.119 2.353 0 5.472
IV. Retained earnings (+/-) 19.067 6.135 5.678 0 11.813
V. Restricted reserve 356 24 318 0 342
VI. Revaluation reserve 0 0 0 0 0
1. Reserve of revaluation 0 0 0 0 0
2. Fair value reserve 0 0 0 0 0
of witch: to the policyholders 0 0 0 0 0
VII. Profit for the financial year (+/-) 0 0 0 0 0
VIII. Changes in the equity of subsidiaries (+/-) 20.835 0 0 20.053 20.053
IX. Changes resulting from consolidation (+/-) 0 0 0 0 0
- from differential of debt consolidation 0 0 0 0 0
- from differential of interim profits 0 0 0 0 0
X. Participation of external members (other owners) 0 0 0 0 0
B. Subordinated liabilities 72 0 0 72 72
1. Differential of debt consolidation in subsidiaries 72 0 0 72 72
C. Technical provisions 130.123 84.675 32.821 0 117.496
1. Provision for unearned premiums [a) + b)] 2.261 76 2.316 0 2.392

a) gross amount

2.296 91 2.323 0 2.414

b) reinsurance amount (-)

35 -15 -7 0 -22
2. Actuarial provisions 100.951 76.624 12.575 0 89.199

a) life assurance premium provision [aa)+ab)]

 88.963 76.624 0 0 76.624

aa) gross amount

 88.963 76.624 0 0 76.624

of which: reinsurance amount

 0 0 0 0 0

ab) reinsurance amount (risk insurance) (-)

 0 0 0 0 0

b) health insurance premium provisions (1+

 0 0 0 0 0

ba) gross amount

 0 0 0 0 0

bb) reinsurance amount (-)

 0 0 0 0 0

c) accident insurance annuity provision

 30 0 36 0 36

ca) gross amount

30 0 36 0 36

cb) reinsurance amount (-)

0 0 0 0 0

d) liability insurance annuity provision (1+2)

 11.958 0 12.539 0 12.539

da) gross amount

12.814 0 14.042 0 14.042

db) reinsurance amount (-)

856 0 -1503 0 -1503
3. Claims outstanding [a)+b)] 21.087 3.466 17.389 0 20.855

a) case-by-case provisions [aa)+ab)]

 13.946 3.129 10.804 0 13.933

aa) gross amount

14.710 3.193 11.758 0 14.951

ab) reinsurance amount (-)

764 -64 -954 0 -1018

b) IBNR

 7.141 337 6.585 0 6.922

ba) gross amount

7.143 337 6.592 0 6.929

bb) reinsurance amount (-)

2 0 -7 0 -7
4. Profit-dependent and profit-independent premium reimbursement provisions [a)+b)] 99 3 54 0 57

a) profit-dependent

 79 0 35 0 35

aa) gross amount

79 0 35 0 35

ab) reinsurance amount (-)

0 0 0 0 0

b) profit-independent

 20 3 19 0 22

ba) gross amount

20 3 19 0 22

bb) reinsurance amount (-)

0 0 0 0 0
5. Equalisation provision 115 0 115 0 115
6. Other technical provisions [a)+b)+c)] 5.610 4.506 372 0 4.878

a) Large claim provisions

 78 0 78 0 78

b) Cancellation provisions [ba)+bb)]

 359 118 294 0 412

ba) gross amount

359 118 294 0 412

bb) reinsurance amount (-)

0 0 0 0 0

c) Other technical provision [ca)+cb)]

 5.173 4.388 0 0 4.388

ca) gross amount

5.173 4.388 0 0 4.388

cb) reinsurance amount (-)

0 0 0 0 0
D. Technical provisions for unit-linked life
assurance policyholders (1+2)		 78.458 93.589 0 0 93.589
1. gross amount 78.458 93.589 0 0 93.589
2. reinsurance amount (-) 0 0 0 0 0
E. Specific provisions 3.347 2.680 599 531 3.810
1. Provisions for contingent liabilities 3.155 2.585 534 531 3.650
2. Provisions for future expenses 192 95 65 0 160
3. Other provisions 0 0 0 0 0
F. Deposits received from reinsurers 0 0 0 0 0
G. Creditors 100.436 22.718 6.193 84.561 113.472
I. Creditors arising out of direct insurance operations 2.626 289 2.059 0 2.348

of which:
a) affiliated undertakings

 0 0 0 0 0

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
II. Creditors arising out of reinsurance operations 91 69 14 0 83

of which:
a) affiliated undertakings

 0 0 0 0 0

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
III. Creditors arising out of bond issues 0 0 0 0 0

of which:
a) affiliated undertakings

 0 0 0 0 0

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
IV. Credits 66.223 0 0 77.851 77.851

of which:
a) affiliated undertakings

 66.223 0 0 77.851 77.851

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
V. Other creditors 31.496 22.360 4.120 6.710 33.190

of which:
a) affiliated undertakings

 28.600 21.503 3.496 5.779 30.778

b) undertakings with which an insurance undertaking is linked by virtue of participating interests

 0 0 0 0 0
VI. Creditors valuation difference 0 0 0 0 0
VII. Derivates valuation difference 0 0 0 0 0
VIII. Corporate income tax liability resulting from
consolidation (computed)		 0 0 0 0 0
H. Accruals and deferred income 4.850 861 1.745 2.054 4.660
1. Accrued income 714 0 0 753 753
2. Accrued costs and expenditure 4.136 861 1.745 1.301 3.907
3. Deferred income 0 0 0 0 0
Total liabilities and equity 369.390 217.434 52.448 107.271 377.153
Budapest, 22 March 2010
    
   

Péter Zatykó

Chief Executive Officer

Tibor Edvi

Chief Actuary

 

Marianna Nagy

Chief Accounting Officer

 
Annual report 2009